Prediction Market Kalshi Signals It Sees CFTC's Blessing for Midterm Election Bets

A countdown clock on its website ends today, indicating the service is optimistic regulators will let it offer contracts for the Nov. 8 election.

AccessTimeIconOct 28, 2022 at 3:56 p.m. UTC
Updated Jun 26, 2023 at 3:34 p.m. UTC

Prediction market Kalshi is hinting strongly Friday that it expects U.S. regulators to approve its request to debut contracts linked to the Nov. 8 U.S. election.

At the top of its homepage, under the heading "Countdown to election markets," there's a clock counting down to midnight in the U.S. There is a caveat, though: a note saying "Pending regulatory approval."

Kalshi, unlike some alternatives, has taken a cautious approach to launching its service and introducing contracts, working closely with the U.S. Commodity Futures Trading Commission (CFTC) to get permission. An ex-CFTC commissioner, Brian Quintenz, is on its board.

Others have struggled to remain available for Americans. PredictIt, another prediction market, was told by the CFTC earlier this year to wind down its U.S. operations, though PredictIt has filed a lawsuit to overturn that decision. Polymarket, whose engine is a blockchain, is also barred from doing business in the U.S.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Nick Baker

Nick Baker is CoinDesk’s deputy editor-in-chief and a Loeb Award winner. His crypto holdings are below CoinDesk's $1,000 disclosure threshold.